What to do with dying hard drive?

I've backed most important things up. Now, what should I do with my dying hard drive?
When I do scandisk, it freezes up. Defragging with O&O only made it worse. More than 80% is "red."
Should try and save it by formatting? Or should I just enjoy the last couple days its working?

That's exactly what I said, written shorter. You can't dispose of it properly because no one really knows how I think.